Film company Paramount Pictures has partnered with Damac Properties to build a $1 billion four-tower project in Dubai. Paramount announced that it will be building The Damac Towers in downtown Dubai early last week and the project is expected to be complete by 2015 .
Damac Properties, a Dubai-based developer, will oversee the finance and construction of the new tower block and Paramount Hotels & Resorts will assist in the design of the Hollywood-themed towers. “We believe valuations in the market will continue to increase, especially in branded real estate,” said Ziad El Chaar, managing director of Damac. “Anything carries a risk, but we are confident in our belief in our brand, in the Paramount brand and the Burj Khalifa area.”
The four towers of the property will reportedly be 250-metres high and will connect via a multi level plaza. The project is the first of its kind for Paramount Pictures and will see the brands combine to bring a 540 room Paramount Hotel and Residences block and a 1400 room Damac Maison block to downtown Dubai.
“The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. We will employ the same tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world class experience,” added Chaar. “The Paramount brand stands for more than exceptional film and entertainment: It’s an inviting lifestyle.
The Damac Towers are set to open in 2015, in the Burj Khalifa area of downtown Dubai.